Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Asicland is target price of 40,571 won per share, which is 90% higher than the high end of the IPO price range (21,400 won). </li>
<li>Our target price of 40,571 won is based on 43x P/E using our estimated net profit of 10.1 billion won in 2024. </li>
<li>Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.</li>
</ul>


Our base case valuation of Asicland is target price of 40,571 won per share, which is 90% higher than the high end of the IPO price range (21,400 won). 
Our target price of 40,571 won is based on 43x P/E using our estimated net profit of 10.1 billion won in 2024. 
Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.


<ul>
<li>Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.</li>
<li>The IPO price range is from 19,100 won to 21,400 won. The IPO offering amount is from 50.4 billion won to 56.4 billion won. </li>
<li>Asicland's sales and operating profit increased at a CAGR of 71.8% and 220%, respectively from 2020 to 2022. Operating margin improved from 4.7% in 2020 to 16.5% in 2022.</li>
</ul>


Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.
The IPO price range is from 19,100 won to 21,400 won. The IPO offering amount is from 50.4 billion won to 56.4 billion won. 
Asicland's sales and operating profit increased at a CAGR of 71.8% and 220%, respectively from 2020 to 2022. Operating margin improved from 4.7% in 2020 to 16.5% in 2022.


Asicland IPO Preview: The Only Value Chain Alliance (VCA) Company of TSMC in Korea

South Korea

ASICLAND Co., Ltd. operates electronic component development businesses. The Company develops electronic chips, integrated circuits, and other products. ASICLAND conducts businesses in South Korea.

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ASICLAND (445090 KS)

Asicland IPO Valuation Analysis

Asicland's target price is 40,571 won per share, 90% higher than the IPO price range, based on a P/E of 43x and estimated net profit in 2024. It...

Douglas Kim

Asicland IPO Preview: The Only Value Chain Alliance (VCA) Company of TSMC in Korea

Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea. The IPO price range of Asicland is...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asicland IPO Valuation Analysis

​Asicland's target price is 40,571 won per share, 90% higher than the IPO price range, based on a P/E of 43x and estimated net profit in 2024. It...

Douglas Kim

Asicland IPO Preview: The Only Value Chain Alliance (VCA) Company of TSMC in Korea

Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea. The IPO price range of Asicland is...

Douglas Kim

Asicland's target price is 40,571 won per share, 90% higher than the IPO price range, based on a P/E of 43x and estimated net profit in 2024. It...